Platinum Equity Group successfully bought Ranger, Champion and Stratos boats today at auction from Genmar.

WRB

Hmmm, so much for the....we build em 1 at a time..

It's a shame that a small to med sized business can't hang on in these times...

Details are still not fully available yet, but it's clear that the Genmar assets were auctioned off to several buyers.

Platinum Equity was bidding on Ranger, Stratos, Champion, Wellcraft, Four Winns, Glastron and Larson. The assets also include facilities in Flippin, Ark.; Cadillac, Mich.; and Murfreesboro, Tenn. but did not include Carver, Marquis, Seaswirl, FinCraft, Hydra-Sports, Javelin and other brands, or real estate and production facilities in Little Falls, Minn.; Pulaski, Wis.; and other locations. The bid also did not include the ownership of approximately 93 percent of VEC Technology.

Irwin Jacobs was also bidding on Genmar's assets, but it's unclear on what specifically he was bidding on, or if he won any of the auctions.

More details to follow....

Well at least they will keep making good boats

Hmmm, so much for the....we build em 1 at a time..

It's a shame that a small to med sized business can't hang on in these times...

All of the above were owned by Genmar before.

So someone huge already owned them.

That was a good buy for someone....Those are the brands I would want to take also.

Platinum bid $70 million for the companies. Platinum is a very large company that has deep pockets. While I would expect Ranger to continue to run independantly and stay in Flippin (they were already showing profit again 5 months ago), I'm not too sure about the future of Champion and Statos. I hope they continue to stick around and offer great choices for bass anglers.

Irwin Jacobs, the former Genmar CEO who had attempted to retain most of the boat companies, wound up with what is termed the "yacht group," which includes Larson and Seaswirl. Jacobs and a partner offered $6.05 million. Another company, MCBC Hydraboats LLC, offered a winning bid of $1 million for Hydra-Sports.

Despite the rumors started by a another website, Ranger Boats will remain a major sponsor of the FLW fishing tournament circuit, according to Ranger President Randy Hopper. "We just signed a new contract with the FLW a couple of weeks ago," Hopper said. "Obviously, it's been a very trying economic environment for everybody in the boating business, but we look forward to another season with the FLW and better times ahead for all of us."

Despite the rumors started by a another website, Ranger Boats will remain a major sponsor of the FLW fishing tournament circuit, according to Ranger President Randy Hopper. "We just signed a new contract with the FLW a couple of weeks ago," Hopper said. "Obviously, it's been a very trying economic environment for everybody in the boating business, but we look forward to another season with the FLW and better times ahead for all of us."

Yes, this is new information. I thought FLW was still waiting to see if Ranger was still going to be a sponsor. It's good to hear that they will be afterall.

I'm happy to hear that ranger will survive. I own a ranger and i wouldnnt change it for anything..... apart for another ranger

Hmmm, so much for the....we build em 1 at a time.

:...think they might twist that slogan a little?

From what I'm reading, Platinum Equity buys companies, turns them into profitable ones and then resells them.

This is probably just Part 1 in the saga of these 3 companies.

Actually, correction,

Ranger, Part 3 in it's saga.

Champion and Stratos, part 4.